Nearly two months before American oil sanctions go into effect, Iran’s crude exports are plummeting. International oil companies, including those from countries that are still committed to the nuclear agreement, are bailing out of deals with Tehran.
And remarkably, the price of oil in the United States has risen only modestly while gasoline prices have essentially remained flat. The current global oil price hovers around $80 a barrel, $60 below the highs of a decade ago.
“The president is doing the opposite of what the experts said, and it seems to be working out,” said Michael Lynch, president of Strategic Energy and Economic Research, a research and consulting firm.